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"Past income", meaning people who paid more into the system get more when they retire. But payouts are capped on both ends - you get a lot more back than you p
by tsotha 13y ago
"Past income", meaning people who paid more into the system get more when they retire. But payouts are capped on both ends - you get a lot more back than you put in if you're on the lower end. You get screwed if you're on the top end.
- Retric 13y agoMany people end up with nothing from SS even with significant contributions. EX: You can hit the earnings cap for 9 years mix in some state and federal work outside the system and you get nothing dispite an expencive and well compensated work history in the US and over 100k paid into SS. Or you can have some competing pension which is 2/3 of which is subtracted from SS income dropping you to next to nothing even with 20 years of SS taxes.
- tsotha 13y ago>Many people end up with nothing from SS even with significant contributions. Personally, I think those people should get some portion of their money back. I'd also like to see a lower minimum and have people who only paid in for ten years not not draw so much. It's not fair to people who paid in for 45+ years.